Hyperliquid drops 4% as whales take $5 million profit

Hyperliquid's HYPE token fell 4% on Friday to about $78, extending a pullback from a rally that had briefly reached near $97. Blockchain analytics firm Santiment reported that four large wallets closed their HYPE positions and collectively realized about $5 million in profits. Separately, Hyperliquid Strategies (PURR) said alongside third-quarter results released Thursday that it applied for futures commission merchant registration with the Commodity Futures Trading Commission. The company aims to act as a regulated intermediary carrying U.S. customer accounts for permissioned derivatives markets built on Hyperliquid's infrastructure under its HIP-3 framework, subject to approvals.